Mortgage Banking Letters

The
Federal Reserve Bank of New York, along with the Financial Planning
Association of New York (FPANY), the Federal Trade Commission and New
York State Banking Department, invite your organization to take part
in New York’s Financial
Planning and Awareness Week, which will run from October
6-12, 2003. The week begins with a full-day workshop on Saturday,
October 4th, located at New York University, 60 Kimmel
Center, 60 Washington Square South and is sponsored by FPA NY, New
York University, MONEY Magazine, along with the Federal Reserve Bank
of New York.

The
goal of Financial Planning and Awareness week is to promote and
improve financial literacy and understanding throughout the New York
metropolitan area. Financial education is the key that enables an
individual to use credit responsibly, to avoid predators, and to sort
through the complexity and confusion that some financial decisions can
present. Financial education paves the way for informed
decision-making, whether conducting routine daily financial
transactions in a cost-effective manner, securing affordable financing
for a new or used car, or realizing the American dream of
homeownership.

During
this week-long event, businesses, financial and educational
institutions, museums, libraries, community-based organizations and
others will be sponsoring or participating in programs designed to
promote financial awareness among their staff, their customers, and/or
the general public. I
strongly urge New York State-chartered and licensed financial entities
to take the lead. The
following are examples of various programs that can be used:

Plan
one or more lunch hour workshops to educate employees on financial
topics, such as compensation and benefit packages, the right road
to retirement planning, and basics of sound personal finance.

Offer
programs or workshops for customers, clients, vendors or the
public to promote financial literacy and awareness.

Invite
speakers from government and the private sector to address groups
– within and outside your organization – about personal
finance topics of interest. We can help identify those.

The
Banking Department encourages banking institutions and organizations
to support initiatives that empower New York residents to make
informed decisions regarding their finances.
I look forward to your organization's participation in what
promises to be an historic weeklong effort.

For
additional information please contact, Jennifer Carucci, Community
Reinvestment Analyst at (212) 709-3575. We look forward to your
participation in New York’s
Financial Planning and Awareness Week- October 6-12, 2003.